Is There a Relationship Between
      Shareholder Protection and Stock
      Market Development?

Deakin, Simon; Sarkar, Prabirjit; Siems, Mathias M.

doi:10.1561/108.00000025

Cited by 18 publications

(10 citation statements)

References 52 publications

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“…Most of the attention of LFS scholars as well as the extensive scholarship criticising the approach has focused on the empirical side, including issues of measurement (Spamann 2010; Schnyder 2012), methodologies (Deakin et al 2011), and interpretation of findings 6 (Deakin et al 2018). In this section, we briefly review the empirical findings of the first twenty years of the LFS (see also the final column of Table 2 in the Appendix). A first observation concerns the empirical implications of the above-mentioned change in the main legal variables used in the LFS studies from 'quality of law' to 'legal origin.'…”

Section: Empirical Findings Of 20 Years Of Lfsmentioning

confidence: 99%

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Twenty years of ‘Law and Finance’: time to take law seriously

Schnyder

Siems

Aguilera

2018

Socio-Economic Review

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This 'state of the art' essay provides a comprehensive discussion of the Law and Finance School (LFS) literature. We show that the first two decades of the LFS have focused on empirically investigating the question 'does law matter?' Yet, despite the centrality of law to the LFS, it is based on an incoherent theory of law, which leads to shortcomings in the conceptualisation and empirical testing of its hypotheses. We also observe that, rather than addressing this deficiency, the LFS has moved its focus to the contentious concept of 'legal origin.' We argue that the LFS needs to take law more seriously by returning to its initial focus on the substance of legal rules and by addressing the theoretical question 'how does law matter?' We propose venues for future research to develop a solid theoretical framework that would put the empirical investigation of law's impact on economic outcomes on a more solid footing.

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Section: Empirical Findings Of 20 Years Of Lfsmentioning

confidence: 99%

“…Others have gone beyond using LFS own measures in their empirical research. Instead, they revisit the LFS findings based on re-coded legal indices (Spamann 2010), different statistical methods, and longitudinal rather than cross-sectional data (Deakin et al 2018).…”

Section: Empirical Findings Of 20 Years Of Lfsmentioning

confidence: 99%

Twenty years of ‘Law and Finance’: time to take law seriously

Schnyder

Siems

Aguilera

2018

Socio-Economic Review

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“…Shareholder primacy implies giving shareholders ultimate control rights over the corporation. In the last decades, the protection of shareholders' rights increased significantly in all countries whereas the protection of workers' rights stabilized at best (Deakin et al 2018). Yet, since shareholders have limited liability -they are not accountable for the corporation's activities nor are they responsible to protect its interests -why are they attributed such control power?…”

Section: About the Political Nature Of Incorporated Firmsmentioning

confidence: 99%

The institutional and political ontology of the firm

Lopes¹

2020

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The paper begins by specifying that it examines the institutional ontology of the firm, not only that of the corporation. It views firms as structured cooperative endeavors, emergent entities ontologically irreducible to their composing elements that exist by virtue of two distinct kinds of institutions: i) cooperative behavioral norms that emerge from interpersonal interactions between workers and account for horizontal cooperation, and ii) compliance with authority norms, related to the constitutive rules that ground organizational structures and account for vertical, subordinate, cooperation. The argument is that the deontic nature of these two institutions explains both firms' cohesiveness and efficiency, an argument that radically breaks with agency theory's denial of authority and individualistic ontology. A theory of the firm qua corporation (regarded as constituted by three parties-shareholders, workers and authority structures) as well as appropriate governance forms (industrial democracy, codetermination) are derived from the advanced ontological claims.

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“…La Porta et al (1998) and Djankov et al (2008) confirm this relationship based on crosssectional studies of general aggregates quantifying shareholder protection. However, there have also been concerns about the accuracy of these legal data (Spamann, 2010); thus, the following is based on a more advanced index of shareholder protection, developed by the Centre of Business Research (CBR) at the University of Cambridge and available as panel data (Armour et al, 2009;Deakin et al, 2017). Using this data, a prior study found a more pronounced rise in paternalistic than enabling rules on shareholder protection since 1990 (Katelouzou and Siems, 2015).…”

Section: Introductionmentioning

confidence: 99%

Shareholder protection, stock markets and cross-border mergers

et al. 2018

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Is There a Relationship Between Shareholder Protection and Stock Market Development?

Cited by 18 publications

References 52 publications

Twenty years of ‘Law and Finance’: time to take law seriously

Twenty years of ‘Law and Finance’: time to take law seriously

The institutional and political ontology of the firm

Shareholder protection, stock markets and cross-border mergers

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